Global Biochips Market Report, published by Variant Market Research, forecast that the global market is expected to reach $22 billion by 2024 from $6 billion in 2016; growing at a CAGR of 15.5% from 2016 to 2024. By geography, Asia Pacific and RoW are expected to grow at a CAGR of 16.7% and 15.6%, respectively, during the forecast period.

The global biochips market is majorly driven by increasing advancements in technologies, growing generic drug market along with increasing demand for customized medicines. Moreover, rising prevalence of cancer & HIV globally, and expanding applications of biochips in drug discovery also boost the growth of the market. However, high cost instruments and absence of appropriate regulations may limit the growth of the market. Furthermore, expanding applications in point-of-care diagnostics, drug lead identification and platform for cattle disease detection is expected to provide market opportunities during forecast period.

The global biochips market has been bifurcated into type, application and geography. By type, the market is further segmented into protein chips, DNA chips, and microfluidic devices. DNA chips accounted for the largest market share in the type segment accounting for 39.4% in 2016, followed by protein chips with 35.5% in 2016. Furthermore, the market by application is segmented as genomics, drug discovery & development, proteomics and in vitro diagnostics (IVD). In vitro diagnostics (IVD) is expected to dominate the market in the application segment with highest CAGR during the forecast period 2016-2024; owing to the rising demand for accurate detection and diagnosis of genetic disorders.

Geographically, the global biochips market is categorized into North America, Europe, Asia-Pacific and Rest of the World. In 2016, North America accounted for the largest market share of 32.2%, owing to the advancements in biochip technology and increasing popularity of customized medicine. However, Asia Pacific is expected to dominate the market with fastest CAGR during the forecast period, due to increasing health-consciousness and increased spending on research & development for advanced diagnostic techniques.